Common use of Cash Payments Clause in Contracts

Cash Payments. Subject to Section 4.6(e), following the Special Termination Date, FII will pay the Executive an amount equal to the product of (i) the Continuation Multiple; and (ii) the sum of: (a) the Base Salary Amount; plus (b) the greater of: (1) the average of the annual incentive compensation actually earned by and paid to the Executive for the three most recent calendar years ending before the date on which the Change of Control occurred; or (2) the average of the annual incentive compensation that was earned by and would have been paid to the Executive based on the actual attainment of the relevant performance measures for the three most recent calendar years ending before the date on which the Change of Control occurred but for the limitations imposed on such payments under the Troubled Asset Relief Program and the American Reinvestment and Recovery Act of 2009. For the avoidance of doubt, in either case, if the Executive was not eligible to participate in an annual incentive compensation program for any year in the prior three-year period, the average will be calculated based on the years in which the Executive was eligible to participate in an annual incentive compensation program. Such amount shall be payable to the Executive in equal installments over the Continuation Period in accordance with FII’s regular payroll procedures in effect from time to time; but in no event less frequently than monthly.